Tag: Forex

Naira hits ₦1,401/$ amid global tensions

Aminu Imam
Naira forex rate

…Analysts warn of FX volatility The Naira traded at ₦1,401.4 per dollar at the official foreign exchange (FX) market on Tuesday, marking a 4.09% depreciation over the past three weeks from ₦1,346.32/$ on February 20. Data from the Nigerian Foreign Exchange Market (NFEM) showed that the local currency crossed the ₦1,400/$ threshold on Monday, trading at ₦1,405.62/$. This is the first time the naira has hit this level since January 27, when it traded at ₦1,401.2/$. At the parallel market, the naira weakened slightly by 0.70%, moving from ₦1,430/$ on…

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“Naira could hit ₦1,100 to $1 in 2026′ – Ɗangote

Aminu Imam
Dangote on Naira

Chairman of the Ɗangote Group, Aliko Ɗangote, has predicted a significant strengthening of the naira, saying the currency could reach 1,100 to a dollar this year. Dangote made the remarks on Tuesday during the launch of the Nigeria Industrial Policy in Abuja, an event attended by Vice-President Kashim Shettima and other dignitaries. While the Naira currently trades around ₦1,300 to a dollar, Dangote said government reforms signal better days ahead. “I mean, today, if you look at it, Your Excellency, I believe with the policies that you have implemented in…

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Presidency’s forex bill hits ₦34bn in 2yrs, as travel costs draw scrutiny

Aminu Imam
Presidency’s forex bill

At least ₦34.39bn was spent by the Presidency on foreign exchange purchases for international travel and related official obligations between 2024 and 2025, according to data compiled from GovSpend, the public expenditure tracking platform managed by BudgIT. The records, covering transactions by the State House, the Presidential Air Fleet (PAF), the Office of the Chief of Staff, and activities linked to the President, Vice-President, First Lady and their aides, show that the bulk of the spending occurred in 2024, with a significant drop recorded the following year. An analysis of…

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“Naira has strengthened, economy leaping out of crisis” — Rewane 

Aminu Imam
Rewane

Renowned economist and Chief Executive Officer of Financial Derivatives, Bismark Rewane, says Nigeria’s currency has stabilized. Rewane, who spoke during an interview on a television programme on Thursday, said the strength of the naira in the last months is due the Central Bank of Nigeria (CBN)’s monetary framework and transparency in the country’s foreign exchange market. Rewane noted that everyone seems to agree that the Nigeria’s economy is leaping its way out of crisis. “The currency is strengthened because of the discipline in the monetary policy framework and explicit inflation…

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Naira to hit ₦1,804/$ on 2025 volatility projections – Report

Aminu Imam
Naira dollar currency

The Nigerian currency, the Naira, is projected to depreciate to a weighted fair value of ₦1,804.45 in the coming year as tendency of volatility persists. This is according to a new report by Lagos-based investment and research firm Afrinvest titled: ‘Beyond The Rhetorics: Transforming Reforms to Tangibles’. The research company revealed that while the gross foreign reserves have risen above $40 billion, “we anticipate that exchange rate volatility would persist in 2025 albeit at a modest pace”. “Our prognosis is hinged on the belief that the CBN would be constrained…

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PZ Cussons to exit Nigeria, Africa over Naira fluctuations

Aminu Imam
PZ Cussons

PZ Cussons Plc, the parent company of PZ Cussons Nigeria, has announced that the company is planning to sell its African subsidiaries, citing naira fluctuations. The company in its Results for the year ended 31 May 2024, published on Wednesday, said it is is looking at partial or full sale, saying the sale will reduce the companys exposure to naira fluctuations. The consumer goods manufacturer said its Board has received multiple interests in the sale of its African business. It said, The Group is currently engaged in a process to…

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‘Nigerians hoarding 94% cash’ CBN

Aminu Imam
Naira slumps

Nigerians are holding onto cash at an unprecedented rate, with a staggering 94 percent of the countrys currency outside the banking system. This trend was revealed by the Central Bank of Nigeria (CBN)’s, in its latest March, 2024 Money and Statistics data. The figures paints a concerning picture of declining trust in the banking system and potential risks to the nations economic growth. According to the data on the CBN website, the amount of physical money (M1) in circulation has skyrocketed compared to the previous year. In January 2024, it…

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Naira slumps again at official window, trades at N1,402/$1

Aminu Imam
CBN on cash

The nation’s currency, the Naira, reversed the gain it recorded on Tuesday to depreciate against the US Dollar at the end of trading on Thursday at the official window. The domestic currency traded at N1,402.67/$1, according to data sourced from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window. At the end of trading on Thursday, the Naira lost N12.67 against the dollar when compared to the previous exchange rate of N1,390/$1 on Tuesday, April 30, 2024. Similarly, the Naira lost against the dollar at the parallel section of the market…

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Naira depreciates to 1,399/$1 & 1,430/$1 at official, parallelwindows

Aminu Imam
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The Naira continued its slump against the American dollar for the seventh consecutive day on Friday, at both the official and parallel windows. ?According to data sourced from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, the domestic currency traded at N1,399.23/$1 and N1,430/$1 respectively. At the end of trading on Friday, the naira lost N89.35 against the dollar when compared to the previous exchange rate of N1,309.88/$1 on Thursday. The intra-day high and low recorded during the day were N1,410/$1 and N1,051 /$1 respectively, representing a wide spread of…

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Naira falls to 1,400/$overrenewed pressure onblackmarket

Aminu Imam
Naira dollar

A few days after the Federal a Allocation Committee (FAAC) to States, Federal Government’s  Ministries department and agencies (MDAs), the Naira yesterday fell to N1,400 against the US dollar on the black market, following renewed demand pressure in the foreign exchange (FX) market. With the current exchange rate, the naira has lost 19.64% in two weeks when compared to N1,125 per dollar quoted on April 12, 2023 on the parallel market, popularly called the black market. At the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated to N1,308.52 per dollar on…

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